Truist Securities Daily Spotlight

Research evidence excerpt

Truist Securities Daily Spotlight

mates are 2%

INDUSTRY UPDATES and 7% higher than consensus, respectively. We now value ICLR

Softlines - Consumer – Weekly TikTok update; Shop data (SN, VFC, shares at 12x our 2027 adjusted EBITDA estimates, which yields

CROX, ULTA & more) + trends review (apparel, footwear, off-price) a PT of $207. This note also includes our 1Q26 Q&A call notes. -

Jailendra SinghHomebuilding - Homebuilding - Weekly Coverage Update 6.29.2026

Gaming - Gaming: May Strip GGR up +13% Y/Y (QTD: +10%), Locals Fortune Brands Innovations, Inc. (FBIN, $45.96, Buy) - FBIN

down -2% Y/Y (QTD: -1%); Strip RevPAR up +10% - Upgrading To Buy on Turnaround Potential; Board Chooses

Right CEO - We are upgrading FBIN to Buy from Hold based on

the turnaround potential in conjunction with the announcement of

Jesse Singh as new CEO. FBIN struggles have revolved around

brand level execution and capital allocation. Mr. Singh's work at

AZEK shows the potential to improve FBIN's best businesses

(Moen, Thermatru) and capital allocation discipline on the others.

We could see strategic action on as much as two thirds of

EBITDA that could include improvement or divestment. We have

raised our price target to $70 (from $45) representing 13x our

2027E EBITDA. We believe that FBIN can appeal to a broad

array of investors in multiple categories. - Keith Hughes

Evolent Health, Inc. (EVH, $5.77, Hold) - EVH - Moving to Hold

on Recent Share Price Move & Medicaid Headwind Heading

Into 2027 - While 2Q likely is tracking broadly in line with prior

commentary, Highmark implementation is progressing well, and

the EBITDA ramp remains dependent on Performance Suite MER

improvement, we believe 2027 consensus EBITDA does not fully